Atlas Iron fell 8.2% yesterday on strong volume (the highest since November)
Chris Weston
Pepperstone
Atlas Iron fell 8.2% yesterday on strong volume (the highest since November). The fact the stock closed on its low is never a good sign, while other miners in the space like MGX and FMG ALSO were also sold off aggressively. Iron ore fell a further 0.7% yesterday; however the leads from offshore are positive so price action in the iron ore space will be interesting. Credit Suisse upgraded AGO to outperform (its version of a 'buy' rating') on the back of the share price weakness and the fact there is over 20% upside to its twelve month price target. Strong support comes in at the A$1 level, so the buyers will want to see that level hold.
Never miss an update
Enjoy this wire? Hit the ‘like’ button to let us know.
Stay up to date with my current content by
following me below and you’ll be notified every time I post a wire
Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market price action and advise on actionable trade ideas and investments in multiple asset classes.
Chris Weston
Head of Research
Pepperstone
Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...
Expertise
Chris Weston
Head of Research
Pepperstone
Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...
Expertise
Comments
Comments
Sign In or Join Free to comment
most popular
Equities
Why "buy and manage" is the better way to invest in stocks
Livewire Markets
